LONDON, Oct 11 Reuters British apparel retailer Next is close to buying fashion chain FatFace in a deal worth more than 100 million pounds 123 million, Sky News reported on Wednesday.

The report quoted sources as saying the deal could be announced later this week.

Spokespeople for Next and FatFace both declined to comment.

Next, which trades from over 500 stores and online, has been picking up stakes in or acquiring smaller retailers in recent years as it expands its Total Platform business.

This year it purchased the Cath Kidston brand and raised its stake in upmarket fashion chain Reiss to 72.

Last year, Next bought fashion retailer Joules, furniture brand Made.com, and a minority stake in baby goods retailer JoJo Maman BéBé.

FatFace, which trades from about 180 UK stores and online, was taken over by its lenders, including Alcentra and Lloyds Banking Group in 2020.

Last month, Next raised its profit outlook for the third time in four months.

1 0.8140 pounds

Reporting by Sachin Ravikumar and James Davey; editing by William James

Source Reuters